If you operate an S or C corporation, you’re already aware of the major tax benefits Uncle Sam has to offer. What you may not be aware of is an under-used provision of the tax code that can put money in your pocket. You see, if you play your cards right, your S or C corporation can rent your personal home for select events and use that rental to create tax-free income for … [Read more...]
Choice of entity
Sorted by Date
Avoid Lost Deductions When Corporate Vehicle Is in Your Personal Name
Do you operate your business as an S or C corporation? Then be careful! You see, if you use your personal vehicle for corporate business, you could risk losing valuable tax deductions. If you want to stay on the right side of the law and keep money in your pocket, Read my new article Tax Tips: Avoid Lost Deductions When Corp. Vehicle Is in Your Personal Name! Here’s … [Read more...]
Get your personal home-office deduction for your S corporation
When it comes to the home-office deduction, sole proprietors have it easy. All they have to do is deduct home-office expenses on Schedule C. But what about folks who operate their businesses as S corporations? Can they also take advantage of the home-office deduction? The answer is a resounding “yes!” but you have to know how to play the game. We’ll explain how to come … [Read more...]
Read this before you buy a business!
What’s the smart way to acquire a business? The answer is simple… Buy the target company’s stock and treat the deal as an asset purchase! When you do, both you and the seller benefit tax-wise. But be aware of this important fact… When you’re buying a business, you really have to know what you’re doing. Which is why I suggest that before you do anything, you take a close … [Read more...]
Create an employee-spouse “105-HRA”
It’s a fact… The Affordable Care Act (Obamacare) doesn’t apply to a business that has only one employee. That’s good news. Your spouse can benefit from what I call a “105-HRA” (Health Reimbursement Arrangement). When you design it for your spouse, the plan reimburses him/her for family medical expenses. The reimbursements are business-expense deductible on your tax … [Read more...]